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Goldman Sachs: “We Don’t Trust You at All”

Posted by Larry Doyle on October 22, 2012 6:41 AM |

Although I am still not inclined to buy, rather than merely borrowing it from the library, Greg Smith’s book Why I Left Goldman Sachs, I did find his interview on CBS’ 60 Minutes last evening to be interesting. What interested me?

Smith did not provide any great revelations in this interview, but I found it interesting based simply on the fact that he is one of very few people who have exited the Wall Street arena and left the light on in the process. For that reason alone, I think it is worthwhile to watch this clip.

Do clients trust Goldman Sachs? Certainly not all of them. Why not? 

Learn about the structured notes/derivatives business on Wall Street and at Goldman and you will understand why an Asian client made the comment regarding just how much he trusted the firm. I would add that the same could be said of every firm on Wall Street, especially within the structured derivatives space.

For those interested in more material on the firm, I welcome providing this link: Sense on Cents/Goldman Sachs.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • john halsey

    Unfortunately Greg Smith speaks the truth. There is no new news here however. It was my experience that Goldman was merely the best at proclaiming themselves as “were here to help you Mr Customer”. In essence they were just the best thieves in a den of thieves. If nothing else it should remind us again that Glass Steagall needs to be returned to.

  • Rudi K

    Mr. Doyle: As I watched this interview last evening, I couldn’t help but think of you, what you were thinking and what you have said so often regarding the problems on and with Wall Street.

    I do wish he would have said something that we didn’t already know. But, I guess he left that up to you. I agree, I don’t sense a good reason to spend my cents on his book.

  • Obsvr-1

    I is nice to see someone from the “Den” has enough ethics and personal values to leave said “Den” and speak out.

    It’s too bad he didn’t leave with a “Binder” full of Smoking Guns !!!

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